Metro Inc.
Metro Inc. ( ) is a food retailer operating in the Canadian provinces of Quebec and Ontario. The company is based in Montreal, Canada. Metro is the third largest grocer in Canada, after Loblaw Companies Limited and Sobeys. There are 365 namesake locations in Ontario and Quebec. Super C is the discount supermarket division operated in Quebec with 72 stores, averaging . These stores contribute to C$1 billion of Metro's annual sales. In Ontario, Metro has 119 discount supermarkets under the Food Basics banner, which are very similar to the Super C stores. Large Metro stores in Quebec operate under the Metro Plus name. Metro also operates 142 small groceries under the Marché Richelieu banner. In November 2007, Metro reported a 9.3% increase in earnings for the fiscal year ending September 29, 2007, making $276.6 million in 2007 compared to $253 million in 2006. Metro Inc. is not affiliated with Germany's METRO AG. History The company was founded in 1947 in Verdun, Quebec by Rolland Jeanneau. Many independent grocery stores joined the company to form Magasins Lasalle Stores Ltée. In 1952, Magasins Lasalles Stores Ltée change its name to Épiceries Lasalle Groceteria. The company had 43 affiliated grocery stores at the time. In 1955, they were 50 franchised stores and the company with a revenue of $2 million. The company gained fame in 1956 through an advertisement in La Presse which showed turkeys sold for 39 cents. That year, mayor Jean Drapeau was already talking about implementing in Montreal a rapid transit under the name Metro. This inspired the company to create a division called Metro. Other grocery stores joined the company bringing its number of stores to 73 in 1957 with revenue of $10 million. Emphasizing on the success of the Metro division, the company formally renamed itself Metro-Lasalle in 1963. In 1972, Metro-Lasalle changed its name to Metro-Ltée. Metro merged with the Marché Richelieu grocery chain in 1975 to become Groupe Metro-Richelieu Inc in 1976. In the early 1980s, Metro went through harder times due to fierce competition from Provigo and the recession. Metro merged with Epiciers Unis Inc and took on the name Metro-Richelieu Inc. (dropping the "Groupe" from its name). During the rest of the 1980s, fared better and entered the Montreal Stock Exchange in 1986. Metro suffered from the early 1990s recession. A restructuring plan was established, a new logo was created and changes were brought in the management team. Metro acquired 48 of 112 Steinberg supermarkets when that company went bankrupt in 1992. These stores were rebranded as Super C and Metro stores. Metro entered the Toronto Stock Exchange in 1993. It acquired Loeb Stores from Loblaws in 1999. The Metro Plus banner was established in the early 2000s taking the former spaces of Canadian Tire that had been relocated to standalone locations. Some of the stores were converted to "Super C", while others continued to operate as Loeb. The Super C stores in Ontario were converted to Food Basics. In 2009, the company converted all Loeb stores to Metro. Following completion of its acquisition of A&P Canada on August 15, 2005, after beating out Sobeys in a bidding war, Metro now has a network in Quebec and Ontario of 573 conventional and discount food stores, and 256 pharmacies. Metro holds the second largest market share in the food distribution and retailing business in Quebec and Ontario with nearly $11 billion in sales and more than 65,000 employees. Metro operates its food stores under the banners Metro, Metro Plus, Super C, Food Basics, Marché Ami and Les 5 Saisons. Its pharmacies operate under the banners Brunet, The Pharmacy, Clini-Plus, and Drug Basics. On August 7, 2008, Metro announced it would invest $200 million consolidating the company's conventional food stores under the Metro banner. Over a period of 15 months, all Dominion, A&P, Loeb, the Barn and Ultra banners are being converted to the Metro name. Food Basics stores are not affected as it competes in the discount food segment. Following Metro's expansion into Ontario, it used two different slogans in its advertising: "Profession: épicier" in Quebec, and "Food at its best" in Ontario. Acquisition of A&P Canada On July 19, 2005, Metro, Inc. announced that it had reached an agreement with The Great Atlantic and Pacific Tea Company, Inc. and its subsidiary, A&P Luxembourg S.à.r.l., to acquire all of the issued and outstanding common shares of A&P Canada, for an acquisition price of $1.7 billion, consisting of $1.2 billion in cash and $500 million in the form of treasury shares of Metro. On August 7, 2008, Metro announced it would rename the company's Dominion, A&P, Loeb, The Barn and Ultra food stores as Metro stores at a cost of $200 million. Corporate governance Current members of the board of directors of Metro Inc. are: Eric La Flèche, Pierre Brunet, Marc Deserres, Claude Dussault, Serge Ferland, Bobbie Gaunt, Paule Gauthier, Paul Gobeil, Christian Haub, Maurice Jodoin (chairman), Maryse Labonté, Michel Labonté, Bernard Roy, Pierre Lessard, Réal Raymond,Michael Rosicki,Christian Paupe, John Tory Q.C. and Marie-José Nadeau. Locations * Metro stores listed below, particularly in Quebec, include independently owned and operated stores that franchised the Metro name and concept. Ontario 151 locations: Quebec 131 Metro locations: 89 Metro Plus locations: See also * Supermarkets in Canada References Category:Companies listed on the Toronto Stock Exchange Category:Companies based in Montreal Category:Companies established in 1947 Category:Metro Inc. Category:S&P/TSX Composite Index Category:Supermarkets of Canada